Tuesday, 3 July 2012

Goldwind sells its Australian wind farm to CGN Energy

28 Jun 2012

(Reuters)-China's Xinjiang Goldwind Science & Technology Co said it has sold its 19.5 MW Mortons Lane wind farm in Australia to CGN Wind Energy Ltd, a unit of China Guangdong Nuclear Power Group. Goldwind Science & Technology Co, China's second-biggest wind turbine maker, also secured a power purchase agreement and the installation of the first Goldwind Science & Technology Co turbines in Australia through the project, it said in an email to Reuters on Thursday. The Morton's Lane project, in Western Victoria, will use 13 Goldwind Science & Technology Co wind turbines, each generating 1.5 MW of electricity.

Goldwind Science & Technology Co Australia has its own project management team overseeing the construction of the Mortons Lane project. "Goldwind Science & Technology Co is very pleased that CGNWE has invested in Mortons Lane wind farm-Goldwind Science & Technology Co's first Australian project. This project has been developed due to the support of the Australian Government's renewable energy target", said Goldwind Science & Technology Co Australia Managing Director Mr. John Titchen in the statement.

Goldwind Science & Technology Co did not disclose the value of the deal. Goldwind Science & Technology Co's first-quarter net profit fell 97% due to weak wind turbine prices and increased market competition. After the deal, Mortons Lane wind farm would become CGNWE's first Australian renewable energy project.